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CGX Energy Announces Filing of Second Quarter Financial Statements
Toronto, Ontario--(Newsfile Corp. - August 9, 2022) - CGX Energy Inc. (TSXV: OYL) (" CGX " or ...
About this update from Cgx Energy Inc.
[{"type":"text","content":"CGX Energy Announces Filing of Second Quarter Financial StatementsToronto, Ontario--(Newsfile Corp. - August 9, 2022) - CGX Energy Inc. (TSXV: OYL) (\"CGX\" or the \"Company\") announced today the release of its unaudited Consolidated Financial Statements for the second quarter of 2022, together with its Management, Discussion and Analysis - Quarterly Highlights (the \"Financial Disclosures\"). These Financial Disclosures will be posted on the Company's website at www.cgxenergy.com and on SEDAR at www.sedar.com. All values in the Financial Disclosures are in United States dollars unless otherwise stated.Company Highlights: Kawa-1 WellOn May 9, 2022, Frontera Energy Corporation (\"Frontera\") and CGX, joint venture partners (the \"Joint Venture\") in the Petroleum Prospecting License for the Corentyne block, offshore Guyana, announced the discovery of 228 feet (69 metres) of net pay across the Maastrichtian, Campanian, Santonian and Coniacian horizons at the Kawa-1 exploration well, offshore Guyana. Third-party analyses indicated the presence of light oil in the Santonian and Coniacian, and gas condensate in the Maastrichtian and Campanian. The findings are consistent with discoveries reported by other Operators adjacent to the Corentyne block and further de-risks equivalent oil targets anticipated at the Wei-1 exploration well. Wei-1 Exploration WellFinal preparations are underway in advance of spudding the Joint Venture's second exploration well, Wei-1, in October 2022, subject to rig release from a third-party operator. The Wei-1 exploration well will be located approximately 14 kilometres northwest of the Kawa-1 exploration well in the Corentyne block, approximately 200 kilometres offshore from Georgetown, Guyana. The Wei-1 exploration well will be drilled in water depth of approximately 1,912 feet (583 metres) to an anticipated total depth of 20,500 (6,248 metres) and will target Campanian and Santonian aged stacked channels in a western channel complex in the northern section of the Corentyne block. DemeraraDuring the quarter, CGX and Frontera announced that they had reached an agreement in principle with the Government of Guyana to allow for the relinquishment of the Demerara block through a mutual termination agreement, the terms of which remain to be defined and documented. Such termination agreement will allow relinquis...